Dyadic International Inc. has released its financial results for the first quarter of 2025. The company reported an increase in revenue to approximately $394,000, up from $335,000 in the same period a year ago. This growth was primarily driven by an increase in grant revenue of $210,000 from the Gates Foundation and CEPI grants in 2025, offset by a decrease in research and development revenue of $152,000 due to fewer collaborations compared to the previous year. The cost of research and development revenue and grant revenue rose to approximately $298,000, compared to $144,000 for the same period in 2024. The loss from operations decreased to $2.002 million from $2.126 million a year ago, attributed to a reduction in general and administrative expenses by $193,000, a decrease in research and development expenses by $28,000, and an increase in research revenue by $59,000, partially offset by a $154,000 increase in the cost of research revenue. Total other income (expenses), net, was an expense of $25,000 for the quarter, down from an income of $116,000 in the previous year, largely due to an $81,000 increase in interest expenses and the absence of a $61,000 gain on the sale of Alphazyme that occurred in 2024. The net loss for the first quarter of 2025 was $2.028 million, slightly higher than the net loss of $2.010 million reported for the same period in 2024. This was primarily due to a $141,000 decrease in other income and a $154,000 increase in the cost of research revenue, partially offset by cost reductions and increased research revenue. Additionally, Dyadic has expanded its life science and industrial portfolio by developing six additional life science products. The company is advancing towards the commercialization of functional recombinant solutions for various markets and has launched research funded by a $3 million grant from the Gates Foundation for malaria and RSV antibody programs. Dyadic was also selected to participate in the inaugural meeting of the "European Vaccines Hub for Pandemic Readiness $(EVH)$" project.
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